AICPA News Update - Special Issue - Spring Council 2014 Highlights

May 20, 2014

View Council Activities Through the Eyes of Social Media
AICPA News Update
May 20, 2014 Volume 21 No. 20
The AICPA governing Council's spring 2014 meeting took place this week and focused on the profession's future, from learning opportunities to continued audit quality. AICPA leaders from each of the 50 states and U.S. territories attended the meeting.
Spring Council Edition
Reinforcing the CPA Profession's Commitment to Quality
  Sue Coffey, AICPA Senior Vice President - Public Practice and Global Alliances, outlined a new, comprehensive initiative to reinforce the CPA profession’s commitment to audit quality. The AICPA is taking a holistic approach to the accounting and auditing process, including the guidance, tools and resources that support members. Learn about the AICPA’s Enhancing Audit Quality initiative in this Journal of Accountancy article and watch for a discussion paper seeking members’ and stakeholders’ input this summer.

Supporting Individuals and Business in a Global Economy
  Through research with employers around the world, the AICPA and the Chartered Institute of Management Accountants have learned that leaders everywhere face a similar challenge: finding the right people with the right combination of skills to help organizations achieve results. AICPA President and CEO Barry Melancon, CPA, CGMA, and CIMA Chief Executive Charles Tilley, FCMA, CGMA, addressed this issue and offered practical advice on how businesses can close the skills gap. They also discussed how CGMA is defining the profession of management accounting and the resources and support provided by the AICPA and CIMA, including the new Global Management Accounting Principles and CGMA Competency Framework.

What is the Future of Learning?

Anthony Pugliese, CPA, CGMA, CITP, AICPA Senior Vice President and COO; Lawson Carmichael, AICPA Senior Vice President - Strategy, People and Innovation; and members of the Future of Learning Task Force discussed the future of learning in the accounting profession. They explored the rapidly changing marketplace and new learning trends, and made recommendations for evolving the way the profession engages, develops, delivers and measures learning and competency for CPAs. Read more about the task force’s findings in this Journal of Accountancy article.

What Will the Profession of the Future Look Like?

Council members engaged in discussion groups to tackle the pressing issues facing the accounting profession. Technology disruptions, globalization and the changing workforce are among the issues that will change how the accounting profession operates in the coming years. Tommye Barie, CPA, vice chair of the AICPA Board of Directors, presented a summary of the discussions. Read more about the strategic implications of trends on the accounting profession in this article.

AICPA Honors Accounting Professionals with Awards

Two accounting professionals were honored at the meeting with the AICPA Medal of Honor and the AICPA Public Service Award. Gary Scopes, CAE, is the recipient of theAICPA Medal of Honor. Gary has 40 years of experience in the regulation of the accounting and auditing profession at the state, national and international levels. Diane Cornwell, CPA, is the recipient of the 2013 AICPA Public Service Award for individuals. Diane presently serves as board chair of SOZO International, Inc., where she works to provide a sustainable future for at-risk people around the globe. She is treasurer for IWFKentucky and is the Music Boosters treasurer for the Christian Academy of Louisville. Read more about the award recipients on the AICPA’s Press Center.

CPA2Biz Changes Name to
  CPA2Biz, the AICPA’s technology subsidiary, announced it has changed its company name to to more closely align with its mission of empowering CPAs and businesses for the digital age. The new name is effective immediately; however, the URL for the AICPA Store,, will remain active for the foreseeable future. Learn more about in the press release.

Celebrating 10 Years of Improving America's Financial Literacy
  The AICPA, the state CPA societies and the CPA profession launched 360 Degrees of Financial Literacy in 2004 to educate and prepare Americans of all ages for a financially sound future. Ernie Almonte, CPA, CFF, CITP, chairman of the National CPA Financial Literacy Commission and former AICPA Chair, shared the profession’s efforts through the last 10 years. During the last decade, all state CPA societies participated in the effort, thousands of CPAs volunteered and more than 2,500 financial education events were held. Many initiatives launched, including the Feed the Pig PSA campaign, Save Wisely. Spend Happily. and Total Tax Insights. More importantly, the initiatives are changing behaviors with more young adults reporting they are excellent or pretty good at managing money increasing in 2013 to 62% from 50% in 2004, according to a survey conducted by the Ad Council. Learn more about the AICPA’s financial literacy initiative at

View Council Activities Through the Eyes of Social Media
  Take a different look at the AICPA’s governing Council activities with video, images and commentary on social media. Council members and other meeting attendees were active on Twitter, tweeting with the hashtag #AICPAGC14. AICPA Insights kept track of all the activity and prepared a summary of social media during the three days of Council.